There may also be local Development Corps that have money to help out with. (If you are rural & in the good ol' boy network it helps).Contact your local Small Business Development Center. Free resource for you (paid for with your tax dollars) and they know about these things, what's available for you. Can walk you thru it.
Google "small business development center" and on the home page... look to the right for the SBDC Locator map. They are nationwide. Good luck to you.
I find it very difficult to get business loan for this business.I been to those sbdc centers. but banks are not loaning for this kind of business. any ideas when funding could be found?
yes i do. I ve also talk with two designers of clothing lines that made millions. i was also told banks are not lending for this type of business because they dont think these businesses are going to sucessful banks claim clothing lines are high risk. i was told i sould look for private money.Do you have a good business plan with market research? I'm using a SBDC advisor... He ripped apart my first business plan apart in a friendly, useful way. I'm working on the 2nd draft now.
And if the banks still are leery to lend (even for SBA-backed loans), then try:
- Credit Unions
- local Community Development Organizations
- Angel network
- private lending (I'm only talking about getting the loan from a private source, not adding silent partners... that would be my very last choice.)
Hope that helps!
Well, I guess that also depends on how much you are looking to borrow, right? Not everyone here is trying to start a clothing line. Some people are trying to just start a side business. Even if the banks are not lending, the options I gave tend to use slightly different criteria so you may have better luck with them. All they can do is say no. Since you already have your business plan together, it's only a small investment of time and effort.yes i do. I ve also talk with two designers of clothing lines that made millions. i was also told banks are not lending for this type of business because they dont think these businesses are going to sucessful banks claim clothing lines are high risk. i was told i sould look for private money.